ACMSH(688082) 中邮证券·2024-11-13 03:18Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported significant growth in revenue and net profit for Q3 2024, achieving revenue of 1.573 billion yuan, a year-on-year increase of 37.97%, driven by strong demand in the semiconductor equipment sector [2] - The company has successfully expanded its customer base and entered new markets, contributing to overall revenue growth [2] - The company has adjusted its revenue forecast for 2024 to a range of 5.6 billion to 5.88 billion yuan, reflecting a more detailed assessment of its business situation as year-end approaches [2][4] - The company is focusing on six major business areas: cleaning, electroplating, advanced packaging wet processes, vertical furnace tubes, coating and developing, and PECVD, which supports a doubling of its serviceable available market [3] Summary by Sections Company Overview - The latest closing price is 123.00 yuan, with a total market value of 53.6 billion yuan and a circulating market value of 9.3 billion yuan [1] Financial Performance - For Q3 2024, the company achieved a net profit of 315 million yuan, a year-on-year increase of 35.09%, with a sales gross margin of 45.09% [2] - The company expects to see a higher growth rate in shipment volume than revenue growth in 2024 due to delivery delays from the previous year [2] Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 58.7 billion, 85 billion, and 123 billion yuan respectively, with corresponding net profits of 1.3 billion, 2 billion, and 3 billion yuan [5] - The company’s current price-to-earnings ratios for 2024, 2025, and 2026 are 42x, 27x, and 18x respectively [5] Capital Raising Plans - The company plans to raise up to 4.5 billion yuan to enhance its R&D and testing capabilities, with specific allocations for various projects aimed at strengthening its product development and market expansion [4]